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98 (1y: +19%)
Market Cap 8.32 B P/E(ttm) 17.50
Enterprise Value 7.96 B P/B 5.74
WAT- NYSE (USA)
Waters Corporation
  • Currently 4/5
Business Predictability Rank: 4-Star
Back Testing Results:
Average gain of all 4-Star stocks: 9.8% per year.
% of Stocks that are in still loss if held for 10yrs: 8%.
Read more:
What is Predictability Rank?
Performances of real portfolio
Top Ranked Predictable Companies
$98.00
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GuruFocus Financial Strength Rank measures how strong a companyย’s financial situation is. It is based on these factors

1. The debt burden that the company has as measured by its Interest coverage (current year).
2. Debt to revenue ratio. The lower, the better
3. Altman Z-score.

A company ranks high with financial strength is likely to withstand any business slowdowns and recessions.

Financial Strength : 7/10

vs
industry		 vs
history
Cash to Debt 1.307
WAT's Cash to Debt is ranked lower than
67% of the 165 Companies
in the Global Medical Devices industry.

( Industry Median: 3750.67 vs. WAT: 1.307 )
WAT' s 10-Year Cash to Debt Range
Min: 0.04   Max: 198.95
Current: 1.31
0.04
198.95
Equity to Asset 0.294
WAT's Equity to Asset is ranked lower than
72% of the 165 Companies
in the Global Medical Devices industry.

( Industry Median: 0.53 vs. WAT: 0.294 )
WAT' s 10-Year Equity to Asset Range
Min: -0.02   Max: 0.47
Current: 0.29
-0.02
0.47
Interest Coverage 21.4
WAT's Interest Coverage is ranked lower than
55% of the 165 Companies
in the Global Medical Devices industry.

( Industry Median: 420.30 vs. WAT: 21.4 )
WAT' s 10-Year Interest Coverage Range
Min: 11   Max: No Debt
Current: 21.4
F-Score: 4
Z-Score: 6.2
M-Score: -2.3
GuruFocus Profitability Rank ranks how profitable a company is and how likely the companyย’s business will stay that way. It is based on these factors:

1. Operating Margin
2. Trend of the Operating Margin (5-year average). The company with an uptrend profit margin has a higher rank.
ย•ย•3. Consistency of the profitability
4. Piotroski F-Score
5. Predictability Rankย•

The maximum rank is 10. A rank of 7 or higher means a higher profitability and may stay that way. A rank of 3 or lower indicates that the company has had trouble to make a profit.

Profitability Rank is not directly related to the Financial Strength Rank. But if a company is consistently profitable, its financial strength will be stronger.

Profitability & Growth : 7/10

vs
industry		 vs
history
Operating margin (%) 27.70
WAT's Operating margin (%) is ranked higher than
95% of the 165 Companies
in the Global Medical Devices industry.

( Industry Median: 5.80 vs. WAT: 27.70 )
WAT' s 10-Year Operating margin (%) Range
Min: 17.4   Max: 28.6
Current: 27.7
17.4
28.6
Net-margin (%) 25
WAT's Net-margin (%) is ranked higher than
95% of the 165 Companies
in the Global Medical Devices industry.

( Industry Median: 3.25 vs. WAT: 25 )
WAT' s 10-Year Net-margin (%) Range
Min: 13.3   Max: 25
Current: 25
13.3
25
ROE (%) 31.4
WAT's ROE (%) is ranked higher than
98% of the 165 Companies
in the Global Medical Devices industry.

( Industry Median: 4.80 vs. WAT: 31.4 )
WAT' s 10-Year ROE (%) Range
Min: 19.7   Max: 71.2
Current: 31.4
19.7
71.2
ROA (%) 14.6
WAT's ROA (%) is ranked higher than
90% of the 165 Companies
in the Global Medical Devices industry.

( Industry Median: 3.40 vs. WAT: 14.6 )
WAT' s 10-Year ROA (%) Range
Min: 12.9   Max: 21
Current: 14.6
12.9
21
ROC (Joel Greenblatt) (%) 82.40
WAT's ROC (Joel Greenblatt) (%) is ranked higher than
93% of the 165 Companies
in the Global Medical Devices industry.

( Industry Median: 14.00 vs. WAT: 82.40 )
WAT' s 10-Year ROC (Joel Greenblatt) (%) Range
Min: 80.5   Max: 135.8
Current: 82.4
80.5
135.8
Revenue Growth (%) 7.6
WAT's Revenue Growth (%) is ranked higher than
83% of the 165 Companies
in the Global Medical Devices industry.

( Industry Median: 2.40 vs. WAT: 7.6 )
WAT' s 10-Year Revenue Growth (%) Range
Min: 5   Max: 13.1
Current: 7.6
5
13.1
EBITDA Growth (%) 8.7
WAT's EBITDA Growth (%) is ranked higher than
86% of the 165 Companies
in the Global Medical Devices industry.

( Industry Median: -1.10 vs. WAT: 8.7 )
WAT' s 10-Year EBITDA Growth (%) Range
Min: 2.6   Max: 18.9
Current: 8.7
2.6
18.9
EPS Growth (%) 11.6
WAT's EPS Growth (%) is ranked higher than
85% of the 165 Companies
in the Global Medical Devices industry.

( Industry Median: 2.10 vs. WAT: 11.6 )
WAT' s 10-Year EPS Growth (%) Range
Min: 4.3   Max: 21.7
Current: 11.6
4.3
21.7
ยป WAT's 10-Y Financials

Financials


Revenue & Net Income
Cash & Debt
Oprt. Cash Flow & Free Cash Flow

» Details

Guru Trades
Q2 2012

WAT Guru Trades in Q2 2012

Steven Cohen 18,621 sh (+39.25%)
Ruane Cunniff 2,119,159 sh (+35.43%)
Jim Simons 575,600 sh (+27.63%)
Pioneer Investments 128,657 sh (+11.43%)
Chuck Royce 13,250 sh (unchged)
Manning & Napier Advisors, Inc 1,587,549 sh (-2.8%)
Jeremy Grantham 63,000 sh (-5.41%)
John Hussman 750,000 sh (-11.76%)
PRIMECAP Management 906,940 sh (-14.5%)
Paul Tudor Jones 4,100 sh (-97.64%)
» More
Q3 2012

WAT Guru Trades in Q3 2012

Joel Greenblatt 6,879 sh (New)
Chuck Royce 13,250 sh (unchged)
Pioneer Investments 128,657 sh (unchged)
Jim Simons Sold Out
John Hussman Sold Out
Paul Tudor Jones Sold Out
Ruane Cunniff 2,115,760 sh (-0.16%)
Jeremy Grantham 61,200 sh (-2.86%)
PRIMECAP Management 877,144 sh (-3.29%)
Manning & Napier Advisors, Inc 733,019 sh (-53.83%)
Steven Cohen 5,260 sh (-71.75%)
» More
Q4 2012

WAT Guru Trades in Q4 2012

Bruce Kovner 25,000 sh (New)
Steven Cohen 7,472 sh (+42.05%)
Manning & Napier Advisors, Inc 792,734 sh (+8.15%)
Pioneer Investments 128,657 sh (unchged)
Jeremy Grantham 51,500 sh (unchged)
Chuck Royce 13,250 sh (unchged)
Ruane Cunniff 2,113,803 sh (-0.09%)
PRIMECAP Management 846,244 sh (-3.52%)
Joel Greenblatt 4,599 sh (-33.14%)
» More
Q1 2013

WAT Guru Trades in Q1 2013

Louis Moore Bacon 10,000 sh (New)
Joel Greenblatt 6,740 sh (+46.55%)
Jeremy Grantham 67,200 sh (+30.49%)
Ruane Cunniff 2,119,456 sh (+0.27%)
Chuck Royce 13,250 sh (unchged)
Pioneer Investments 128,657 sh (unchged)
Bruce Kovner Sold Out
Manning & Napier Advisors, Inc 739,404 sh (-6.73%)
PRIMECAP Management 743,044 sh (-12.2%)
Steven Cohen 5,312 sh (-28.91%)
» More
» Details

Insider Trades

Latest Guru Trades with WAT

GuruDate Trades Impact to Portfolio Price Range * (?) Current Price Change from Average Current Shares
Joel Greenblatt 2013-03-31 Add 46.55%0.01%$86.22 - $94.96 $ 986%6740
Joel Greenblatt 2012-12-31 Reduce -33.14%0.01%$78.89 - $89.33 $ 9817%4599
John Hussman 2012-09-30 Sold Out 1.1%$74.66 - $85.24 $ 9824%0
Joel Greenblatt 2012-09-30 New Buy0.04%$74.66 - $85.24 $ 9824%6879
Ruane Cunniff 2012-06-30 Add 35.43%0.37%$76.65 - $94.19 $ 9817%2119159
PRIMECAP Management 2012-03-31 Reduce -47.3%0.11%$73.71 - $94.03 $ 9821%1060740
Ray Dalio 2012-03-31 Sold Out 0.03%$73.71 - $94.03 $ 9821%0
Joel Greenblatt 2012-03-31 Sold Out 0.03%$73.71 - $94.03 $ 9821%0
Ruane Cunniff 2011-12-31 Add 72.52%0.42%$71.61 - $83.14 $ 9828%1563999
Joel Greenblatt 2011-12-31 New Buy0.03%$71.61 - $83.14 $ 9828%2973
Ray Dalio 2011-12-31 New Buy0.03%$71.61 - $83.14 $ 9828%22873
Ruane Cunniff 2011-09-30 Add 29918.2%0.7%$72.38 - $99.16 $ 9817%906550
John Hussman 2011-09-30 Add 9.89%0.11%$72.38 - $99.16 $ 9817%1000000
John Hussman 2011-06-30 Reduce -26.61%0.48%$85.96 - $99.56 $ 984%910000
PRIMECAP Management 2011-06-30 Reduce -24.75%0.09%$85.96 - $99.56 $ 984%2127764
Mario Gabelli 2011-03-31 Sold Out $74.68 - $87.12 $ 9822%0
Mario Gabelli 2010-12-31 New Buy$69.87 - $80.47 $ 9829%9500
Ruane Cunniff 2010-09-30 New Buy$60.52 - $71.49 $ 9850%3020
Ruane Cunniff 2010-06-30 Sold Out $63.86 - $73.13 $ 9842%0
Glenn Greenberg 2010-03-31 Sold Out 3.78%$56.18 - $67.89 $ 9860%0
John Hussman 2010-03-31 Add 25.47%0.35%$56.18 - $67.89 $ 9860%1458000
Ruane Cunniff 2010-03-31 New Buy$56.18 - $67.89 $ 9860%3020
Premium More recent guru trades are included for Premium Members only!!

Ratios

vs
industry		 vs
history
P/E(ttm) 17.50
WAT's P/E(ttm) is ranked higher than
78% of the 165 Companies
in the Global Medical Devices industry.

( Industry Median: 24.10 vs. WAT: 17.50 )
WAT' s 10-Year P/E(ttm) Range
Min: 9.64   Max: 81.65
Current: 17.5
9.64
81.65
P/B 5.74
WAT's P/B is ranked lower than
82% of the 165 Companies
in the Global Medical Devices industry.

( Industry Median: 1.99 vs. WAT: 5.74 )
WAT' s 10-Year P/B Range
Min: 3.8   Max: 28.62
Current: 5.74
3.8
28.62
P/S 4.66
WAT's P/S is ranked lower than
81% of the 165 Companies
in the Global Medical Devices industry.

( Industry Median: 1.70 vs. WAT: 4.66 )
WAT' s 10-Year P/S Range
Min: 2.05   Max: 15.75
Current: 4.66
2.05
15.75
PFCF 25.00
WAT's PFCF is ranked higher than
52% of the 165 Companies
in the Global Medical Devices industry.

( Industry Median: 18.60 vs. WAT: 25.00 )
WAT' s 10-Year PFCF Range
Min: 9.67   Max: 97.8
Current: 25
9.67
97.8
EV-to-EBIT 15.59
WAT's EV-to-EBIT is ranked higher than
58% of the 165 Companies
in the Global Medical Devices industry.

( Industry Median: 16.25 vs. WAT: 15.59 )
WAT' s 10-Year EV-to-EBIT Range
Min: 8.4   Max: 60.5
Current: 15.59
8.4
60.5
PEG 1.58
WAT's PEG is ranked higher than
96% of the 165 Companies
in the Global Medical Devices industry.

( Industry Median: 1.23 vs. WAT: 1.58 )
WAT' s 10-Year PEG Range
Min: 0.62   Max: 14.97
Current: 1.58
0.62
14.97
Shiller P/E 23.21
WAT's Shiller P/E is ranked higher than
88% of the 165 Companies
in the Global Medical Devices industry.

( Industry Median: 23.60 vs. WAT: 23.21 )
WAT' s 10-Year Shiller P/E Range
Min: 13.51   Max: 44.34
Current: 23.21
13.51
44.34

Valuation & Return

vs
industry		 vs
history
Price/Net Current Asset Value 20.2
WAT's Price/Net Current Asset Value is ranked higher than
83% of the 165 Companies
in the Global Medical Devices industry.

( Industry Median: 8.90 vs. WAT: 20.2 )
WAT' s 10-Year Price/Net Current Asset Value Range
Min: 12.3   Max: 67.9
Current: 20.2
12.3
67.9
Price/Tangible Book 9
WAT's Price/Tangible Book is ranked higher than
91% of the 165 Companies
in the Global Medical Devices industry.

( Industry Median: 3.80 vs. WAT: 9 )
WAT' s 10-Year Price/Tangible Book Range
Min: 6.8   Max: 47.3
Current: 9
6.8
47.3
Price/DCF (Projected) 1.4
WAT's Price/DCF (Projected) is ranked higher than
85% of the 165 Companies
in the Global Medical Devices industry.

( Industry Median: 1.25 vs. WAT: 1.4 )
WAT' s 10-Year Price/DCF (Projected) Range
Min: 0.9   Max: 2.3
Current: 1.4
0.9
2.3
Price/Median PS Value 1.1
WAT's Price/Median PS Value is ranked higher than
79% of the 165 Companies
in the Global Medical Devices industry.

( Industry Median: 0.80 vs. WAT: 1.1 )
WAT' s 10-Year Price/Median PS Value Range
Min: 0.5   Max: 3.4
Current: 1.1
0.5
3.4
Price/Peter Lynch Fair Value 1.6
WAT's Price/Peter Lynch Fair Value is ranked higher than
94% of the 165 Companies
in the Global Medical Devices industry.

( Industry Median: 2.10 vs. WAT: 1.6 )
WAT' s 10-Year Price/Peter Lynch Fair Value Range
Min: 0.7   Max: 3
Current: 1.6
0.7
3
Price/Graham Number 2.7
WAT's Price/Graham Number is ranked higher than
88% of the 165 Companies
in the Global Medical Devices industry.

( Industry Median: 1.80 vs. WAT: 2.7 )
WAT' s 10-Year Price/Graham Number Range
Min: 2.4   Max: 11.4
Current: 2.7
2.4
11.4
Earnings Yield (Greenblatt) 6.40
WAT's Earnings Yield (Greenblatt) is ranked lower than
78% of the 165 Companies
in the Global Medical Devices industry.

( Industry Median: 5.95 vs. WAT: 6.40 )
WAT' s 10-Year Earnings Yield (Greenblatt) Range
Min: 1.7   Max: 11.9
Current: 6.4
1.7
11.9
Forward Rate of Return (Yacktman) 14.24
WAT's Forward Rate of Return (Yacktman) is ranked higher than
87% of the 165 Companies
in the Global Medical Devices industry.

( Industry Median: 3.03 vs. WAT: 14.24 )
WAT' s 10-Year Forward Rate of Return (Yacktman) Range
Min: 5.2   Max: 25.6
Current: 14.24
5.2
25.6

Business Description

Waters Corporation, an analytical instrument manufacturer, mainly designs, manufactures sells and services, through its Waters Division, high performance liquid chromatography, ultra performance liquid chromatography and mass spectrometry instrument systems and support products, including chromatography columns, other consumable products and comprehensive post-warranty service plans. These systems are complementary products that can be integrated together and used along with other analytical instruments. LC is a standard technique and is utilized in a range of industries to detect, identify, monitor and measure the chemical, physical and biological composition of materials and to purify a full range of compounds. MS instruments are used in drug discovery and development, including clinical trial testing, the analysis of proteins in disease processes, food safety analysis and environmental testing. LC is often combined with MS to create LC-MS instruments that include a liquid phase sample introduction and separation system with mass spectrometric compound identification and quantification. Through its TA Division, the Company mainly designs, manufactures, sells and services thermal analysis, rheometry and calorimetry instruments, which are used in predicting the suitability of fine chemicals, polymers and viscous liquids for various industrial, consumer goods and healthcare products, as well as for life science research. The Company is also a developer and supplier of software-based products that interface with the Company's instruments and are typically purchased by customers as part of the instrument system. The Company has two operating segments: Waters Division and TA Division. The Company has a diversified customer base that includes pharmaceutical accounts, other industrial accounts, universities and government agencies. The Company's other industrial customers include chemical manufacturers, polymer manufacturers, food and beverage companies and environmental testing laboratories. The Company's main competitors include: Agilent Technologies, Inc., Life Technologies Corporation, Thermo Fisher Scientific Inc., Varian, Inc., Shimadzu Corporation, Dionex Corporation and Bruker BioSciences. It owns a number of United States and foreign patents and has patent applications pending in the United States and abroad. The Company is subject to federal, state and local laws, regulations and ordinances that govern activities or operations that may have adverse environmental effects, such as discharges to air and water as well as handling and disposal practices for solid and hazardous wastes and impose liability for the costs of cleaning up and certain damages resulting from sites of past spills, disposals or other releases of hazardous substances.
Company Website
SEC Reports
Industry: Medical Devices
Compare:MDT, SYK, SMA, ZMH, STJ
Traded in other countries:WAZ.Germany
ยป More Articles for WAT

Headlines

Articles On GuruFocus.com
Paul Tudor Jones Buys JPMorgan and Financials ETF as Top Holdings May 18 2012 
What Stocks Would Phil Fisher Buy Today? Feb 21 2012 
Manning & Napier Advisors Reports Q4 Portfolio; Buys DTV, MCO, VMED, BDX and WAT Jan 18 2012 
Sequoia Fund Managers Buys Waters Corp., Berkshire Hathaway, Chesapeake Energy, Sells McGrawhill, W. Nov 16 2011 
Weekly Top Insider Sells: BX,BHI,WAT,APKT, and ABC May 09 2011 
Weekly CFO Sells Highlight: ABC, WAT, MSPD, WCN, NUS, WAB May 08 2011 
Buffett-Munger Highlight Weekly Report Apr 04 2011 
Waters Corp. (WAT) CHAIRMAN, PRESIDENT & CEO Douglas A Berthiaume sells 100,000 Shares Dec 08 2010 
Waters Corp. (WAT) CFO John A Ornell sells 40,000 Shares Nov 08 2010 
Waters Corp. (WAT) CFO John A Ornell sells 60,000 Shares Aug 09 2010 

More From Our Partners
New 52-Week High for Waters Corp - Analyst Blog May 10 2013 - ZACKS

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